Sharplink Gaming Inc (NASDAQ:SBET) shares are trading higher Tuesday morning following the announcement of another significant Ethereum (CRYPTO: ETH) purchase. The company, which has pivoted to an ETH-centric treasury strategy, acquired an additional 7,689 ETH last week at an average price of $2,501 per coin.
What To Know: This latest acquisition brings SharpLink’s total holdings to 205,634 ETH. The purchases were funded by the company’s At-The-Market facility, which raised approximately $64.0 million in net proceeds between June 28 and July 4. A substantial portion of this capital, about $37.2 million, is still slated for ETH purchases in the current week.
The news comes after a volatile Monday where the stock surged as the company prepared to ring the Nasdaq closing bell, celebrating its new strategy. Since adopting Ethereum as its primary treasury reserve asset in May, SharpLink’s stock has soared over 300%.
The company also reported earning approximately 100 ETH in staking rewards last week, having committed 100% of its holdings to yield-generating protocols. To increase transparency, SharpLink has also introduced a new metric, “ETH Concentration,” which the company says has risen 19% in the last three weeks, reflecting its growing exposure relative to its equity structure.
Benzinga Edge Rankings: Based on Benzinga Edge data, SBET demonstrates exceptionally strong momentum, registering a high score of 95.21. This indicates a powerful recent trend in the stock’s price performance.
In contrast, the stock receives a very low value score of 2.10, suggesting that according to Benzinga’s metrics, it may be significantly overvalued.
Price Action: According to data from Benzinga Pro, SBET shares are trading higher by 16.8% to $14.80 Tuesday morning. The stock has a 52-week high of $124.12 and a 52-week low of $2.26.
Read Also: What’s Going On With SharpLink Gaming Stock?
How To Buy SBET Stock
By now you're likely curious about how to participate in the market for SharpLink Gaming – be it to purchase shares, or even attempt to bet against the company.
Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy “fractional shares,” which allows you to own portions of stock without buying an entire share.
In the case of SharpLink Gaming, which is trading at $14.80 as of publishing time, $100 would buy you 6.76 shares of stock.
If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to “go short” a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.
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